Moors & Cabot Inc. reduced its holdings in shares of Teck Resources Limited (NYSE:TECK – Free Report) (TSE:TECK) by 32.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,050 shares of the basic materials company’s stock after selling 2,950 shares during the quarter. Moors & Cabot Inc.’s holdings in Teck Resources were worth $255,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in TECK. Nvwm LLC acquired a new stake in shares of Teck Resources during the 1st quarter valued at approximately $26,000. Park Place Capital Corp acquired a new stake in Teck Resources in the second quarter worth $27,000. Money Concepts Capital Corp acquired a new stake in Teck Resources in the fourth quarter worth $29,000. Optimum Investment Advisors increased its position in Teck Resources by 60.0% in the second quarter. Optimum Investment Advisors now owns 800 shares of the basic materials company’s stock worth $34,000 after buying an additional 300 shares during the period. Finally, Achmea Investment Management B.V. acquired a new stake in Teck Resources in the first quarter worth $37,000. 59.23% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of brokerages have recently commented on TECK. Benchmark reissued a “buy” rating and set a $50.00 price target on shares of Teck Resources in a report on Wednesday, October 25th. Scotiabank lowered Teck Resources from a “sector outperform” rating to a “sector perform” rating in a report on Tuesday, October 17th. Morgan Stanley lowered their price target on Teck Resources from $55.00 to $47.00 and set an “overweight” rating on the stock in a report on Wednesday, October 25th. StockNews.com began coverage on Teck Resources in a research note on Friday. They set a “hold” rating for the company. Finally, Wolfe Research raised Teck Resources from a “peer perform” rating to an “outperform” rating in a research note on Friday, November 10th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.91.
Teck Resources Trading Up 1.0 %
NYSE:TECK opened at $36.37 on Tuesday. The company has a quick ratio of 0.68, a current ratio of 1.20 and a debt-to-equity ratio of 0.22. Teck Resources Limited has a 1-year low of $31.42 and a 1-year high of $49.34. The firm has a market capitalization of $18.63 billion, a price-to-earnings ratio of 11.58, a price-to-earnings-growth ratio of 4.46 and a beta of 1.07. The stock has a fifty day simple moving average of $39.06 and a 200 day simple moving average of $40.68.
Teck Resources (NYSE:TECK – Get Free Report) (TSE:TECK) last announced its quarterly earnings data on Tuesday, October 24th. The basic materials company reported $0.57 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.20). Teck Resources had a return on equity of 9.11% and a net margin of 15.78%. The business had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.77 billion. Sell-side analysts forecast that Teck Resources Limited will post 3.83 earnings per share for the current year.
Teck Resources Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be given a dividend of $0.125 per share. The ex-dividend date is Thursday, December 14th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. This represents a $0.50 dividend on an annualized basis and a yield of 1.37%. Teck Resources’s dividend payout ratio (DPR) is presently 11.46%.
About Teck Resources
Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, and Energy segments. The company's principal products include copper, zinc, steelmaking coal, and blended bitumen.
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